PRICESMART ANNOUNCES FISCAL 2025 FIRST QUARTER OPERATING RESULTS

Core Insights - PriceSmart, Inc. reported a 7.8% increase in total revenues for the first quarter of fiscal year 2025, reaching $1.26 billion compared to $1.17 billion in the same period last year [2] - Net merchandise sales also grew by 7.8% to $1.22 billion, with a constant currency increase of 8.2% [2][19] - The company recorded earnings of $1.21 per diluted share, a slight decrease from $1.24 per diluted share in the prior year [5] Financial Performance - Total revenues increased from $1.17 billion to $1.26 billion, marking a 7.8% growth [2] - Net merchandise sales rose from $1.14 billion to $1.22 billion, also a 7.8% increase [2] - Comparable net merchandise sales for clubs open for more than 13.5 months increased by 5.7% [4] - Adjusted EBITDA for the quarter was $79.1 million, up from $77.8 million in the previous year [5][16] Operational Metrics - The company operated 54 warehouse clubs as of November 30, 2024, an increase from 53 clubs a year earlier [3] - Membership income rose to $20.2 million from $17.7 million [12] - The company plans to open two new warehouse clubs in Costa Rica and Guatemala in 2025, which will increase the total to 56 clubs [8] Currency Impact - Foreign currency exchange rate fluctuations negatively impacted net merchandise sales by $4.7 million, or 0.4% [2][4] - The constant currency measure indicates that net merchandise sales would have increased by 8.2% without the adverse currency effects [2][19] Summary of Income Statement - Operating income was $58.3 million, slightly up from $58.2 million in the prior year [5] - Net income decreased by 1.6% to $37.4 million from $38.0 million [5] - Total operating expenses increased to $1.20 billion from $1.11 billion [12]